Domo price target lowered to $13 from $16 at Lake Street

Lake Street lowered the firm’s price target on Domo (DOMO) to $13 from $16 and keeps a Hold rating on the shares. Billings of $73M came in about $3M below expectations due to longer-than-expected sales cycles from Domo’s partner channels, notes the analyst, who is “encouraged by the anticipated billings snap-back in Q4,” but trimmed forward estimates after “the Q3 misfire.”